Mobile payments are growing in Canada. Here’s how to keep your digital wallet safe

Mobile payments are on the rise in Canada, according to a recent Interac study that reported more than one billion Interac Debit mobile transactions in a 12-month period.

Mobile payments are on the rise in Canada, according to a recent report that is just the latest in a growing series of studies documenting the trend.

Last month, Interac – a Canadian interbank network – reported more than one billion Interac Debit mobile transactions in a 12-month period.

Interac data showed an increase of 53 per cent year over year in the number of Interac Debit contactless payments made at a point of sale in Canada using a mobile device, such as a smartphone or wearable, between August 2022 and July 2023.

Interac’s report shows the “future is mobile,” said Omar Fares, a lecturer at the Ted Rogers School of Retail Management with Toronto Metropolitan University. But while the technology provides a series of benefits, there are “a wealth of security risks” that come with it, and Canadians need to be mindful of how to stay protected.

“While the technology is accessible and convenient, there’s also that risk factor of, well, how is my data being used? How is it being secured, and is the technology on its own secure?” he asked.

“For the most part it is, but from time to time they may happen.”

Interac’s data showed an increase in consumers using their mobile device as opposed to a physical card.

Mobile payments’ share of in-person transactions rose from 18 per cent fiscal year-to-date in 2022 to 24 per cent fiscal year-to-date as of July 2023, Interac said. That month, 25 per cent of Interac Debit contactless payments were by mobile device.